This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TD Bank, Ross Reportedly Bid for BankUnited

Updated from Tuesday, May 19

TD Bank Financial, a unit of Toronto-Dominion Bank (TD - Get Report), and a consortium of private-equity firms that includes billionaire investor Wilbur Ross have entered bids to acquire BankUnited Financial (BKUNA), a report says.

Offers to the Federal Deposit Insurance Corp. for the struggling Coral Gables, Fla., bank were due before noon EDT on Tuesday.

The FDIC warned BankUnited it may be forced into receivership if it is unable to raise up to $1 billion in fresh capital to cover escalating losses or find an acquirer, according to a regulatory filing earlier this month. The bank hasn't filed earnings statements for the past two quarters, but said it expects a second-quarter loss of $443 million, up from a loss of $66 million a year earlier.

The bid deadline could be extended as regulators seek more buyers, the Wall Street Journal reports, citing a person familiar with the bidding. The bid deadline already has been extended several times.

The consortium of private-equity firms includes Carlyle Group, Blackstone Group and Centerbridge Partners, the Journal reports. Ross hired John Kanas, the former CEO of North Fork Bancorp, to help run BankUnited if the deal succeeds.

J.C. Flowers & Co., the firm run by billionaire private-equity veteran J. Christopher Flowers, also was rumored to be interested in participating in a BankUnited deal, but a person familiar with one of the potential acquirers said Flowers hasn't entered a bid, the Journal reports.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
TD $45.95 0.81%
AAPL $127.60 2.28%
FB $83.09 2.87%
GOOG $535.38 2.16%
TSLA $205.27 -0.74%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs